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Petrobras and associates authorise USD 500m plan for Libra oil field

24th January 2014

Petrobras reveals that the consortium, of which they are a member of, has approved the 2014 Working and Investment Plan for the Libra oil field, worth USD 500m

Petrobras and consortium have approved the 2014 Working and Investment Plan

Petrobras has announced that a consortium, which consists of Petrobras (40%), Shell (20%), Total (20%), CNOOC (10%) and CNPC (10%), along with Pré-Sal Petróleo S.A (PPSA), has approved the 2014 Working and Investment Plan for the Libra oilfield.

The Libra oil field is a large ultra-deep water area located in the Santos Basin, about 230 kilometres (140 mi) off the coast of Rio de Janeiro. Having a total area of 1,547.76 km2, it was discovered when well 2-ANP-0002ARJS was drilled in 2010.

The main actions included in the working plan are: seismic reprocessing for the entire block and the drilling of two wells, which is expected to commence in the second half of 2014 and scheduled for completion in the first half of 2015.  

Studies for a new seismic survey using high-end technology and an extended well test are also projected to take place at the end of 2016. The approved capital expenditure for these activities is between USD 400m and USD 500m in 2014.

The Libra production share contract details that the exploratory phase will last four years, starting since the contract’s signature on December 2, 2013.

The minimum exploratory program that will take place during this period includes a 3D seismic survey of the entire block, as well as two exploratory wells and one extended well test.

The Libra oilfield is considered to have high potential. According to figures published by the   Agência Nacional do Petróleo (ANP), Libra may contain around 26 to 42 billion barrels, of which the ANP expects 30 per cent can be recovered. This means that the recoverable oil figures are about 8 to 12 billion barrels.

 

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